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Category > Economics Posted 03 May 2017 My Price 4.00

 What is the amount of Frankâs monthly payment?

On January 1, Frank Jensen bought a used car for $4200 and agreed to pay for it as follows: 1/3 down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.

 

(a)   What is the amount of Frankâs monthly payment?

(b)  During the summer, Frank made enough money to cause him to decide to pay off the entire balance due on the car as of October 1. How much did Frank owe on October 1?

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SuperTutor
(15)
Status NEW Posted 03 May 2017 07:05 AM My Price 4.00

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